1.  Immediate savings after new loan closing with no break-even period.

2.  No loan amount increase or any money out of pocket for closing costs.

3.  Reduce the amount of money require to purchase a property. 

4.  Non-recurring closing costs will be reimbursed at closing by the lender in the           form of a "lender credit" in exchange for a slightly higher rate.

5.  This option may not be available to all borrowers, depending on the loan                   parameters such as credit score, loan to value, cash out amount etc.

6.  Can quickly refinance again if future interest rates drop.